Oh I forgot to mention your parents probably could just quick claim deed you the property as well which may be easier (depending on where you live).As for sub2 deal structure it's just a purchase and sales agreement with a subject to addendum saying that the current title holders are selling you the property for exactly what they owe (i.e.

@Bryan Devitt That is good information - I am waiting for the 6 month mark with this new job before getting my pre-approval letter.

I'm in the process of waiting to take my RE license.

Thank you for that, actually I forgot to mention, I was only referring to multifamily deals over 5 units in California, things work a bit differently,

So I apologize for asking again.... but the one part that actually interested me the most is never mentioned in any other responses.

4) if your contractor will wait to get paid a few days after the draw must you will stay pay them upfront and show proof of this to lender before they will release funds back to you?

I got on the wait list. 

While you should be particular, don't wait for the best deal.

[Or, does your mentioned 4% cap or 8% cap infer current vacancy or lease rates?

well you did not mention the IRA in original post.. carry on !!